Blink Charging Co. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Related Parties

Related Parties	12 Months Ended
Dec. 31, 2014
Related Party Transactions [Abstract]
Related Parties	15. RELATED PARTIES The Company paid commissions to a company owned by its former CEO totaling $30,250 and $38,500 during the years ended December 31, 2014 and 2013 for business development related to installations of EV charging stations by the Company in accordance with the support services contract. These amounts are recorded as compensation on the consolidated statements of operations. The Company incurred accounting and tax service fees totaling $23,317 and $61,393 for the years ended December 31, 2014 and 2013, respectively, provided by a company that is partially owned by the Company’s current Chief Financial Officer. This expense was recorded as general and administrative expense. On March 29, 2012, the Company entered into a patent license agreement with its former CEO and a company for which the former CEO is the majority shareholder and an officer of the company. Under terms of the agreement, the Company has agreed to pay royalties to the licensors equal to 10% of the gross profits received by the Company from bona fide commercial sales and/or use of the licensed products and licensed processes. As of December 31, 2014, the Company has not paid nor incurred any royalty fees related to this agreement. See Note 10 – Notes Payable for details associated with another related party transaction. See Note 13 - Stockholders' Deficiency - Stock Warrants for details associated with warrants issued to the Company's former CEO.

Related Parties

12 Months Ended

Dec. 31, 2014

15. RELATED PARTIES

The Company paid commissions to a company owned by its former CEO totaling $30,250 and $38,500 during the years ended December 31, 2014 and 2013 for business development related to installations of EV charging stations by the Company in accordance with the support services contract. These amounts are recorded as compensation on the consolidated statements of operations.

The Company incurred accounting and tax service fees totaling $23,317 and $61,393 for the years ended December 31, 2014 and 2013, respectively, provided by a company that is partially owned by the Company’s current Chief Financial Officer. This expense was recorded as general and administrative expense.

On March 29, 2012, the Company entered into a patent license agreement with its former CEO and a company for which the former CEO is the majority shareholder and an officer of the company. Under terms of the agreement, the Company has agreed to pay royalties to the licensors equal to 10% of the gross profits received by the Company from bona fide commercial sales and/or use of the licensed products and licensed processes. As of December 31, 2014, the Company has not paid nor incurred any royalty fees related to this agreement.

See Note 10 – Notes Payable for details associated with another related party transaction. See Note 13 - Stockholders' Deficiency - Stock Warrants for details associated with warrants issued to the Company's former CEO.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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